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Accelerate the foreclosure process to save the housing market, experts say
If the Obama administration really wants to save the housing market, it should speed up the foreclosure process – not prolong the inevitable.
foreclosures, delinquent mortgages, housing market, home-builders
If the Obama administration really wants to save the housing market, it should speed up the foreclosure process – not prolong the inevitable, experts say, as reported on CNN Money.
Four years into the housing crisis, the real estate market is still teetering on the edge. The Obama administration has tried one program after another to stanch the flow of foreclosures, with limited success. And it is continuing to look for ways "to ease the burden on struggling homeowners," though no new initiative is imminent, the White House said this week.
But some housing experts argue that the administration should go in a different direction than it has in the past. Instead, they say it's time to focus on pushing many of those delinquent borrowers through the foreclosure process and putting foreclosed properties back into use.
While some of the 2.2 million loans in foreclosure can still be saved, many are too far gone, they say. Some 37 percent have not made a payment in more than two years, while another 34 percent have not made a payment in 12 to 23 months, according to Lender Processing Services.
For more information: http://money.cnn.com/2011/08/31/real_estate/housing_market_foreclosures/